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Andy Mathews (This email address is being protected from spambots. You need JavaScript enabled to view it.)
LAKE CHARLES, La.--(BUSINESS WIRE)--#CCS--Gulf Coast Sequestration (GCS), a Louisiana-based company building the largest carbon sequestration hub in North America, and leading direct air capture (DAC) company Climeworks today announced the signing of a Memorandum of Understanding (MOU). Their partnership will aim to enable the permanent removal of one million tons of carbon dioxide from the air annually by 2030, with the capability to expand to multi-million ton capacity in future years.
Climeworks and GCS are industry pioneers bringing cutting edge innovation to carbon dioxide (CO2) removal and secure, permanent storage. GCS matches Climeworks’ pioneering DAC technology with comprehensively studied geologic pore space ideally suited for a world-class carbon storage project.
Climeworks and GCS have started dialogue with local stakeholders toward developing an informed community benefits plan that will engage interested parties in the region throughout the planning and development of the project.
“Congratulations to Climeworks and Gulf Coast Sequestration on announcing this innovative collaboration,” said Louisiana Governor John Bel Edwards. “Louisiana is rapidly emerging as a leader in the global energy transition, and carbon capture and sequestration is a crucial part of our plan to get to net-zero carbon emissions by 2050. This significant agreement between a pioneering Louisiana company and a global leader in direct air capture technology is another step forward in diversifying and growing our economy.”
“Louisiana is leading the way on direct air capture innovation,” said Senator Bill Cassidy, M.D. “This deal is a great step forward for our state and all those working to strengthen our economy, create jobs in Louisiana, and reduce global carbon emissions.”
“Direct air capture (DAC) is a key technology for removing unavoidable and historic CO2 from the air,” said Climeworks co-CEO Jan Wurzbacher. “Climeworks is excited to work with GCS on the development of a U.S. hub to scale up the DAC industry in support of a more economically and environmentally sustainable future in Louisiana.”
“Carbon capture and sequestration (CCS) is a key component of today’s energy transition, offering an immediate pathway to rapid decarbonization,” said Gray Stream, President of the Stream Companies, the owner of GCS. “Direct air capture (DAC) presents the inspiring possibility of reaching net-zero or even negative carbon emissions. Together, GCS and Climeworks are uniquely positioned to bring this promise to reality in the Gulf Coast’s industrial corridor.”
Editor’s Note
About GCS
Gulf Coast Sequestration (GCS) is the leading carbon sequestration solution in the United States, partnering with industrial customers to capture CO₂ and safely contain it underground.
Initially focused on the industrial corridor between southwest Louisiana and Texas, GCS expects to be the first operational carbon storage hub on the Gulf Coast. With an anticipated launch date in 2024, the hub will remove 10 million tons of CO₂ emissions annually from the atmosphere.
More information about GCS is online at www.gcscarbon.com.
About Climeworks
Climeworks empowers people and companies to fight global warming by offering carbon dioxide removal as a service via direct air capture (DAC) technology.
Climeworks is a global leader in direct air capture, with the world’s largest DAC facility and storage installation currently in operation, and a team of 300 Climeworkers determined to contribute to a net-zero future. Climeworks’ growing customer base includes over 160 companies including Microsoft, Stripe, Shopify, and BCG, as well as more than 16,000 individual Climate Pioneers.
Founded by engineers Christoph Gebald and Jan Wurzbacher in 2009, Climeworks is on a journey to climate impact at scale. To do so, we strive to inspire 1 billion people to act and remove CO2 from the air.
Remove CO2 from the air – with Climeworks:
Web • LinkedIn • Twitter • Instagram
Ryan Furby, GCS
(337) 501-1478
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DUBLIN--(BUSINESS WIRE)--The "Bio LPG Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Bio LPG market was evaluated at around US$229.629 million during the year 2020 and is expected to grow at a CAGR of 42.21% to reach a market value of US$2,701.420 million by 2027.
The demand for bio-LPG is increasing because of its clean fuel properties, providing equivalent calorific value to that of fossil fuels such as diesel and petrol. Bio LPG reduces hazardous emissions such as Carbon Monoxide, Hydrocarbons, and Nitrogen dioxide.
In the industrial and commercial settings, the increase in the number of pubs, restaurant outlets, hotels, farms, and warehouses in remote areas which require conventional fuels for daily operations increases the need for bio-LPG. The utility of bio-LPG is greater for public and commercial spaces such as hospitals, sports complexes, grounds, and other commercial places. It enables firms to reduce the negative impact on the environment while being efficient in terms of cost.
There are more projects to be undertaken in bio-LPG as it is a fuel made from waste material, which can lead to the reduction of carbon emissions from industry and retail sectors.
For instance, at National LPG Conclave 2020, the Indian Oil company is expected to introduce bio-LPG to the Indian market by 2023. The firm has invested in developing a concept facility to convert biomass to liquified petroleum gas and bio-LPG, intending to offset 10-20% of the country's demand from LPG to bio-LPG.
Reducing Carbon Footprint across the Retail and Industrial Sectors
With the increase in air pollution, bio-LPG can act as a clean alternative to support industrial applications such as processing, assembling in manufacturing industries, steam generation in power or energy industries to drive the turbine, and propel basic industrial functions required in all industries such as cogeneration, heating, cooling, lighting, and facilitate air conditioning throughout the premises.
In the infrastructure sector, energy is utilized for space heating, lighting, and cooking, for which consumers prefer renewable sources of energy. The transformation to renewable energy will drive up the demand for bio-LPG. For instance, Avanti Gas, based out of the UK, helps businesses and homes reduce their carbon footprint by 95%; the firm has its vision in line with the UK government's mission to phase out the use of fossil fuels by 2050. The firm offers bio-LPG at source and provides an account of carbon dioxide emissions that the customers save from the environment.
The European government regards bio-LPG as a replacement for LPG appliances and vehicles that remains widely in use throughout Europe. The fuel is an asset for the environment as it replaces solid and liquid combustible and emitting fuels such as coal and lamp oil. As per the data by the European Commission, there are 40 million households in rural areas of the conventional gas grid that currently depends upon conventional fuels for limited purposes.
Apart from this, the other drivers to the bio-LPG market are falling energy costs when energy is produced in huge volumes enabling an economy of scale; setting up of bio-LPG facilities will increase employment opportunities, and the aim of making energy will be made available to all. These measures will lead to improved air quality, create a buffer for energy, and greater economic gain in the long run if implemented at the global level.
Regional Analysis
The bio-LPG production is extensive, with significant contributions from the United States and European Nations. The US mainly uses corn and soybean waste and residuals for generating biofuels and related by-products, and bio-LPG as a derivative from Biofuels. Brazil comes after the US as the country is known for producing bio-diesel and bio-LPG from the residuals of sugar cane. Germany, Argentina, and China also remain pivotal for the bio-LPG industries contributing to the production of bio-LPG.
Segmentation
By Feedstock
By End-user
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Bio LPG Market Analysis, By Feedstock
6. Bio LPG Market Analysis, By End-User
7. Bio LPG Market Analysis, By Geography
8. Competitive Environment and Analysis
9. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/mnph7f
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Plant Would Continue Serving as a Reliable, Low-Cost, Carbon-Free Bridge While State Brings Online New Clean Energy Resources
AVILA BEACH, Calif.--(BUSINESS WIRE)--Today, the U. S. Department of Energy (DOE) confirmed Pacific Gas and Electric Company’s (PG&E) Diablo Canyon Power Plant (DCPP) is eligible for federal funding through the Civil Nuclear Credit Program.
PG&E filed its application for federal funding on September 2, 2022, the same day California Governor Gavin Newsom signed Senate Bill 846 into law, seeking to extend operations at DCPP in San Luis Obispo County for five years beyond its current license expiration in 2025. The plant would be used to improve statewide energy system reliability and reduce greenhouse gas emissions while additional renewable energy and carbon-free resources come online.
Last month, the state authorized a loan of up to $1.4 billion from the Department of Water Resources to PG&E to support extending operations at the plant. SB 846 further directed PG&E to pursue funds from DOE, and any other potentially available federal funds, to pay back the loan and lower costs for customers should the plant’s operating license be extended.
“This is another very positive step forward to extend the operating life of Diablo Canyon Power Plant to ensure electrical reliability for all Californians,” said PG&E Corporation Chief Executive Officer Patti Poppe. “While there are key federal and state approvals remaining before us in this multi-year process, we remain focused on continuing to provide reliable, low-cost, carbon-free energy to the people of California, while safely operating one of the top performing plants in the country.”
PG&E has been conditionally awarded a total of approximately $1.1 billion from the DOE. Final award amounts will be determined following completion of each year of the award period, and amounts awarded will be based on actual costs.
“This is a critical step toward ensuring that our domestic nuclear fleet will continue providing reliable and affordable power to Americans as the nation’s largest source of clean electricity,” said U.S. Secretary of Energy Jennifer M. Granholm. “Nuclear energy will help us meet President Biden’s climate goals, and with these historic investments in clean energy, we can protect these facilities and the communities they serve.”
DCPP’s Safe and Reliable Operations
PG&E is committed to the highest levels of safety, performance and security at DCPP. The plant has an excellent safe operating record and is subject to rigorous regulatory oversight, including with respect to seismic safety. To learn more, click here. The Nuclear Regulatory Commission’s (NRC) current assessment places DCPP among the highest performing plants in the nation and continues to find the facility is operating safely and meeting industry-established safety and performance objectives. All plant operations will continue to be overseen and monitored by the NRC, as well as several other independent industry and external oversight entities.
DCPP can generate 2,200 megawatts of baseload electricity, and currently provides approximately 17% of California’s zero-carbon electricity supply and 8.6% of the state’s total electricity supply.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit www.pge.com/ and http://www.pge.com/about/newsroom/.
Media Relations
415.973.5930
LITTLETON, Colorado--(BUSINESS WIRE)--Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to announce that it has been awarded a $4.4 million grant from the Wyoming Energy Authority (the “WEA”) to be utilized for the advancement of the Company’s rare earth element processing and separation demonstration plant project in Upton, Wyoming. The grant is a cost reimbursement award for future expenditures related to the project, which is also supported by the U.S. Department of Energy (the “DOE”) through a previously announced financial award. The total project cost is approximately $44 million, with $21.9 million provided through the DOE.
Brent Berg, President and CEO of the Company, stated, “We are very pleased that the WEA, upon the approval of the University of Wyoming Energy Resources Council, recognizes the critical importance of this timely project for the trajectory of the rare earth industry in the United States. Wyoming’s financial support exemplifies its commitment to critical materials, specifically rare earth element production. We cannot imagine a more favorable location for this important project and look forward to working with the WEA and others in the state of Wyoming, including the University of Wyoming School of Energy Resources, for many years to come. As we progress our demonstration plant through licensing, construction, and operations in the near-term, we will plan for the advancement of a commercial-scale plant to support the Bear Lodge deposit in the future.” Mr. Berg added, “We understand, as does Wyoming, that our project will serve as a cornerstone for the rare earth industry in Wyoming and America while providing a venue for worker training in rare earth processing and separation.”
The rare earth processing and separation plant project, led by General Atomics, an affiliate of the Company’s largest shareholder, Synchron, is nearing the final design review milestone, which is expected to be complete by the end of this year. This milestone will allow the Company to advance through the first go/no go decision point with the DOE. Upon the DOE’s approval to proceed, the WEA grant will be available to the Company, subject to the details to be contained in a memorandum of understanding between the Company and the State of Wyoming.
Glen Murrell, Executive Director of the WEA stated, “The need for domestic rare earth elements is a necessity for both our ‘all-of-the-above’ energy strategy and also our energy security. Given that Wyoming is home to one of the highest-grade rare earth deposits in North America, we felt supporting Rare Element Resources’ demonstration plant in Upton was vital.” Dr. Murrell added, “We look forward to supporting this project and supporting the development of the critical minerals industry in Wyoming.”
The demonstration plant will utilize the Company’s proprietary technology and is expected to produce commercial-grade neodymium/praseodymium (Nd/Pr) high-purity oxide that is used in producing high-strength permanent magnets. These high-strength permanent magnets are a key component in the manufacture of electric vehicles and wind turbines, among other technology uses. Previously stockpiled material from the Company’s Bear Lodge deposit in northeast Wyoming will be processed in the plant.
Synchron and General Atomics are privately held companies engaged in the development and production of advanced technology products and systems for the energy and defense sectors. General Atomics is an affiliate of Synchron, the Company’s majority shareholder.
Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology, energy and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for high-strength permanent magnets, electronics, fiber optics, laser systems for medical technology and defense, as well as technologies like electric vehicles, solar panels and wind turbines.
Wyoming Energy Authority advances Wyoming’s energy strategy by driving data, technology, and infrastructure investments. Focusing on an “all-of-the-above” energy mix, the WEA’s strategy includes products from legacy industries, along with the newer players advancing renewable energy and opportunities in hydrogen, advanced nuclear, geothermal, and rare earth elements. The WEA was created in 2020 by the Wyoming State Legislature by merging the Wyoming Infrastructure Authority and the Wyoming Pipeline Authority.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of securities legislation in the United States and forward-looking information within the meaning of securities legislation in Canada (collectively, “forward-looking statements”). Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including “will,” “believes,” “may,” “expects,” “should,” “seeks,” “anticipates,” “plans,” “has potential to,” or “intends” (including negative and grammatical variations thereof), or by discussions of strategy or intentions. Such forward-looking statements include statements regarding the rare earth processing and separation demonstration plant, the estimated costs of the plant, the plans and timing for the design, licensing, construction, and operation of the plant, the expected production from the plant, and the plant’s expected utilization of the Company’s proprietary technology. Factors that could cause actual results to differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this news release include, but are not limited to, the ability to obtain demonstration plant licensing and permits, inflation and supply chain issues, successful further permitting activities for the Bear Lodge Project, the availability of sufficient capital for the future development and operations of the Company, and other matters discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and our other periodic and current reports filed with the U.S. Securities and Exchange Commission the (the “SEC”) and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. While we may elect to update our forward-looking statements at any time, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Rare Element Resources: Please contact Brent Berg at +1 720-278-2460 or This email address is being protected from spambots. You need JavaScript enabled to view it., for additional information.
Wyoming Energy Authority: Please contact Honora Kerr at +1 970-270-1014 or This email address is being protected from spambots. You need JavaScript enabled to view it., for additional information.
HOUSTON--(BUSINESS WIRE)--PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended September 30, 2022 and 2021:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||
|
2022 |
2021 |
|
|
2022 |
2021 |
|
|||||||
Revenues |
$ |
39,651,000 |
$ |
17,311,000 |
|
|
$ |
101,562,000 |
$ |
42,292,000 |
|
|||
Net Income |
$ |
13,154,000 |
$ |
(1,163,000 |
) |
|
$ |
35,279,000 |
$ |
(5,021,000 |
) |
|||
Earnings per Common Share: |
|
|
|
|
||||||||||
Basic |
$ |
6.79 |
$ |
(0.58 |
) |
|
$ |
17.95 |
$ |
(2.52 |
) |
|||
Earnings per Common Share: |
|
|
|
|
||||||||||
Diluted |
$ |
4.88 |
$ |
(0.58 |
) |
|
$ |
12.96 |
$ |
(2.52 |
) |
|||
Shares Used in Calculation of: |
|
|
|
|
|
|||||||||
Basic EPS |
|
1,937,091 |
|
1,994,177 |
|
|
|
1,965,334 |
|
1,994,177 |
|
|||
Shares Used in Calculation of: |
|
|
|
|
|
|||||||||
Diluted EPS |
2,694,906 |
|
1,994,177 |
|
|
|
2,722,522 |
|
1,994,177 |
|
||||
|
|
|
|
|
|
|||||||||
Total assets at September 30, 2022 were $212,899,000 compared to $210,914,000 at December 31, 2021. The Company currently has available a $75 million line of credit with no outstanding borrowings as of November 21, 2022.
Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and nine months ended September 30, 2022 and 2021 were as follows:
|
|
Nine months ended September 30, |
||||||||||
|
|
2022 |
|
2021 |
Increase / |
Increase / |
||||||
Barrels of Oil Produced |
|
752,500 |
|
480,000 |
|
272,500 |
56.8 |
% |
||||
Average Price Received |
$ |
100.39 |
$ |
63.28 |
$ |
37.11 |
58.6 |
% |
||||
Oil Revenue (In 000’s) |
$ |
75,546 |
$ |
30,376 |
$ |
45,170.00 |
148.7 |
% |
||||
Mcf of Gas Sold |
|
2,456,800 |
|
2,395,000 |
|
61,800 |
2.6 |
% |
||||
Average Price Received |
$ |
6.01 |
$ |
3.32 |
$ |
2.69 |
81 |
% |
||||
Gas Revenue (In 000’s) |
$ |
14,762 |
$ |
7,948 |
$ |
6,814,000 |
85.7 |
% |
||||
Barrels of Natural Gas Liquids Sold |
|
332,400 |
|
298,000 |
|
34,400 |
11.5 |
% |
||||
Average Price Received |
$ |
37.54 |
$ |
26.11 |
$ |
11.43 |
43.8 |
% |
||||
Natural Gas Liquids Revenue (In 000’s) |
$ |
12,477 |
$ |
7,781 |
$ |
4,696 |
60.4 |
% |
||||
Total Oil & Gas Revenue (In 000’s) |
$ |
102,785 |
$ |
46,105 |
$ |
56,680 |
122.9 |
% |
||||
|
|
Three months ended September 30, |
|||||||||||
|
|
2022 |
|
2021 |
Increase / |
Increase / |
|||||||
Barrels of Oil Produced |
|
244,500 |
|
152,000 |
|
92,500 |
|
60.9 |
% |
||||
Average Price Received |
$ |
95.72 |
$ |
68.70 |
$ |
27.02 |
|
39.3 |
% |
||||
Oil Revenue (In 000’s) |
$ |
23,403 |
$ |
10,442 |
$ |
12,961 |
|
124.1 |
% |
||||
Mcf of Gas Sold |
|
879,800 |
|
950,000 |
|
(70,200 |
) |
(7.39 |
)% |
||||
Average Price Received |
$ |
7.23 |
$ |
4.21 |
$ |
3.02 |
|
71.7 |
% |
||||
Gas Revenue (In 000’s) |
$ |
6,359 |
$ |
3,998 |
$ |
2,631 |
|
59.1 |
% |
||||
Barrels of Natural Gas Liquids Sold |
|
122,400 |
|
103,000 |
|
19,400 |
|
18.8 |
% |
||||
Average Price Received |
$ |
34.35 |
$ |
35.26 |
$ |
(0.91 |
) |
(2.59 |
)% |
||||
Natural Gas Liquids Revenue (In 000’s) |
$ |
4,204 |
$ |
3.632 |
$ |
572 |
|
15.7 |
% |
||||
Total Oil & Gas Revenue (In 000’s) |
$ |
33,966 |
$ |
18,072 |
$ |
15,894 |
|
87.9 |
% |
||||
PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.
Forward-Looking Statements
This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.
Connie Ng, (713) 735-0000 ext 6416
DUBLIN--(BUSINESS WIRE)--The "Solid-State Transformer Market - A Global and Regional Analysis: Focus on Product, Application, and Country-Wise Analysis - Analysis and Forecast, 2025-2031" report has been added to ResearchAndMarkets.com's offering.
The global solid-state transformer market is expected to value $207.3 million in 2025 and is projected to reach $467.0 million in 2031, following a CAGR of 14.34% during the forecast period 2026-2031. The growth in the global solid-state transformer market is expected to be driven by an increase in investment toward the building and construction of power transmission and distribution networks, renewable power generation, and EV charging station infrastructure across the globe.
Market Lifecycle Stage
The solid-state transformer market is in the research and development phase. Solid-state transformers are expected to be the replacement for conventional transformers in the coming years.
Impact
Market Segmentation
Segmentation 1: by Application
Segmentation 2: by Product Type
Segmentation 3: by Region
Demand - Drivers and Limitations
The following are the demand drivers for the solid-state transformer market:
The market is expected to face the following challenges:
Key Market Players
Key Topics Covered:
1 Markets
2 Application
3 Product type
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/e800f7
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
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DUBLIN--(BUSINESS WIRE)--The "Global Solar Panel Recycling Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
The solar panel recycling market is poised to grow by $312.17 mn during 2022-2026, accelerating at a CAGR of 26.01% during the forecast period. The report on the solar panel recycling market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by reduction in costs of solar PV systems, growth in solar PV panel installation, and government regulations pertaining to solar waste recycling.
The solar panel recycling market is segmented as below:
By Product
By Geographical Landscape
This study identifies the increasing investment in renewable energy sources as one of the prime reasons driving the solar panel recycling market growth during the next few years. Also, rise in popularity of the pay-as-you-go (PAYG) solar business model and the development of zero-energy buildings will lead to sizable demand in the market.
The report on the solar panel recycling market covers the following areas:
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/krrbyf
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
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The three-turbine 5MW wind farm designed to deliver clean, carbon-free energy to the surrounding County Cork community
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has acquired a wind farm in West County Cork, Ireland. This three-turbine site is designed to deliver a total combined capacity of 5MW of clean energy.
The project, acquired by Ameresco, will generate carbon-free energy, which will be distributed directly into the local utility network supported by a power purchase agreement. The electricity generated at the site is designed to supply approximately 3,000 homes in Ireland. The acquisition of this wind farm continues Ameresco’s growing wind power portfolio, further expanding its generation assets outside of the United States and Canada.
“Having seen first-hand the production capability of wind farms in County Cork, I am very pleased to see Ameresco complete this acquisition and further add to our diversified renewable energy asset portfolio,” said Ameresco EVP and Chief Financial Officer Doran Hole. “We’re proud to be part of the energy transition in Ireland and look forward to providing clean energy to the region in the years to come.”
“It is very gratifying to announce the acquisition of our latest site in Ireland,” said Derek Dixon, Vice President Ameresco UK. “I am grateful to our internal team and strategic external partners for coming together to successfully complete this clean energy acquisition.”
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
The announcement of for the acquisition of an energy asset is not necessarily indicative of the timing or amount of revenue from the energy asset, of the company’s overall revenue for any particular period or of trends in the company’s overall total assets in development or operation. This project was not included in our previously reported assets in development as of June 30, 2022.
Media Contact:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Achievement recognizes Voya’s commitment to diversity of leadership in its legal department and outside counsel firms
NEW YORK--(BUSINESS WIRE)--$Voya #DEI--Voya Financial, Inc. (NYSE: VOYA) announced today that it has achieved Mansfield Rule: Legal Department Edition (MRLD) 2.0 Certification. The certification is a recognition of Voya’s purposeful and ongoing efforts to expand the slate of diverse lawyers considered for internal leadership roles or outside counsel representation.
“Voya’s long-standing commitment to welcoming different perspectives at every level of our organization is grounded in the belief that inclusion leads to better outcomes for our customers, employees and communities,” said My Chi To, chief legal officer, Voya Financial. “We will continue to work to enhance our diversity, equity and inclusion efforts through recruiting, training and mentoring, and look to our outside counsel firms to do the same.”
The Mansfield Rule aims to increase and sustain diversity in leadership within legal departments by considering at least 50% historically underrepresented lawyers — women lawyers, LGBTQ+ lawyers, lawyers with disabilities and/or underrepresented racial and/or ethnic lawyers — for senior and top attorney job openings, discretionary high-visibility opportunities, and with outside counsel representation. Legal departments also must create and publish job descriptions and advancement criteria for leadership roles.
"As a purpose-driven company, our diversity, equity and inclusion (DEI) efforts span all levels and areas of our company, strengthening our culture and employee well-being, which is ultimately reflected in how we serve our customers and our communities,” said Angela Harrell, chief diversity and corporate impact officer. “The tenets of the Mansfield Rule and our legal department’s intentional focus on the diversity of its leadership and outside counsel reinforce our commitment to integrate DEI across our enterprise.”
The MRLD is a rigorous, two-year certification program that aims to boost and sustain diversity in legal department leadership.1 To achieve MRLD 2.0 Certification, Voya’s legal department collaborated with Diversity Lab over a 24-month certification period with built-in measurement, transparency and accountability mechanisms. Legal departments also must share lessons learned through monthly knowledge sharing forums, to ensure that all departments are working as a community to move the needle on DEI in the legal profession, and they must meet check-in, data-collection and reporting milestones.
“We are incredibly proud to have worked alongside these Mansfield 2.0 Certified legal departments over the past two years," said Valerie Portillo, legal department director, Diversity Lab. “Attaining certification is hard work, and we're thrilled to shine a spotlight on this community of legal departments and dedicated in-house leaders as an example of what collective action can achieve."
Learn more about the Mansfield Rule and see the full list of MRLD 2.0 Certified legal departments in this open letter from the 2020-2022 Mansfield Legal Department Leaders.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company that provides products, solutions and technologies that enable a better financial future for its clients, customers and society. Serving the needs of 14.3 million individual, workplace and institutional clients, Voya has approximately 6,000 employees and had $711 billion in total assets under management and administration as of September 30, 2022. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by the Ethisphere Institute; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
VOYA-IR VOYA-CR
Media:
Kathryn Emery
Voya Financial
Office: (860) 580-2980
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SLB subsidiary commences offer to purchase up to $500,000,000 aggregate purchase price amount of outstanding 3.750% Senior Notes due 2024, 4.000% Senior Notes due 2025, 3.900% Senior Notes due 2028, and 4.300% Senior Notes due 2029
NEW YORK--(BUSINESS WIRE)--SLB (NYSE: SLB) today announced that Schlumberger Holdings Corporation, an indirect wholly-owned subsidiary of SLB (“SHC”), has commenced an offer to purchase for cash up to an aggregate purchase price amount, including premium but excluding any Accrued Interest (as defined below), of $500,000,000 (such amount, as it may be amended, the “Maximum Purchase Price”) of the notes listed in the table below (the “Notes”). The offer to purchase the Notes is referred to herein as the “Offer.” The Offer is made upon the terms and subject to the conditions set forth in the offer to purchase, dated November 21, 2022 (as may be amended or supplemented from time to time, the “Offer to Purchase”). Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.
Title of Security |
CUSIP Numbers |
Acceptance Priority Level(1) |
Principal Amount Outstanding |
Early Tender Premium(2) |
Reference Security |
Bloomberg Reference Page |
Fixed Spread (basis points)(3) |
3.750% Senior Notes due 2024 |
806851AJ0 (144A) / U8066LAG9 (Reg S) |
1 |
$750,000,000 |
$30 |
2.500% U.S. Treasury Notes due 04/30/2024 |
FIT 4 |
+20 |
4.000% Senior Notes due 2025 |
806851AG6 (144A) / U8066LAE4 (Reg S) |
2 |
$932,597,000 |
$30 |
4.500% U.S. Treasury Notes due 11/15/2025 |
FIT 1 |
+55 |
3.900% Senior Notes due 2028 |
806851AK7 (144A) / U8066LAH7 (Reg S) |
3 |
$1,500,000,000 |
$30 |
4.125% U.S. Treasury Notes due 10/31/2027 |
FIT 1 |
+110 |
4.300% Senior Notes due 2029 |
806851AH4 (144A) / U8066LAF1 (Reg S) |
4 |
$850,000,000 |
$30 |
4.125% U.S. Treasury Notes due 11/15/2032 |
FIT 1 |
+150 |
| ________________ | |
(1) |
SHC will accept Notes in accordance with their Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level), subject to the terms and conditions described elsewhere in the Offer to Purchase, including the Maximum Purchase Price and proration. |
(2) |
For each $1,000 principal amount of Notes tendered and not validly withdrawn at or prior to the Early Tender Time (as defined below) and accepted for purchase. |
(3) |
The applicable Fixed Spread will be used to calculate the applicable Total Consideration (as defined below) payable for each series of Notes, which already includes the Early Tender Premium. |
All documentation relating to the Offer, including the Offer to Purchase, together with any updates, are available from the Tender and Information Agent (as defined below) and will also be available at the following website: http://www.dfking.com/slb.
Details of the Offer
The Offer will expire at 11:59 p.m., New York City time, on December 19, 2022 (unless the Offer is extended or terminated) (such date and time, as the same may be extended, the “Expiration Time”). To be eligible to receive the applicable Total Consideration, which includes the Early Tender Premium (as defined below), Holders must validly tender and not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on December 5, 2022 (unless the Offer is extended or terminated) (such date and time, as the same may be extended, the “Early Tender Time”). Holders who validly tender their Notes after the Early Tender Time and at or prior to the Expiration Time will be eligible to receive only the applicable Tender Offer Consideration, which is an amount equal to the applicable Total Consideration less the applicable Early Tender Premium.
The settlement date for the Notes validly tendered at or prior to the Early Tender Time and accepted for purchase will occur promptly following the Early Tender Time and is expected to be December 8, 2022 (the “Early Settlement Date”). The settlement date for the Notes validly tendered after the Early Tender Time and accepted for purchase will occur promptly following the Expiration Time and is expected to be December 21, 2022 (the “Final Settlement Date”). Holders who tender their Notes prior to the Early Tender Time may withdraw such Notes at any time prior to 5:00 p.m., New York City time, on December 5, 2022.
To be eligible to receive the applicable Tender Offer Consideration, Holders must validly tender and not validly withdraw their Notes at or prior to the Expiration Time. Holders who tender their Notes after the Early Tender Time and prior to the Expiration Time may not withdraw such Notes. The Offer is not conditioned on any minimum amount of Notes being tendered.
All of the Notes are held in book-entry form through the facilities of DTC. If you desire to tender Notes held through DTC, you must transfer such Notes to the Tender and Information Agent through DTC’s Automated Tender Offer Program, for which the transaction will be eligible, in accordance with the procedures set forth in the Offer to Purchase. There is no letter of transmittal for the Offer to Purchase. Any Holder who holds Notes through Clearstream Banking, société anonyme or Euroclear Bank SA/NV must comply with the applicable procedures of such clearing system. If a Holder holds Notes through a broker, dealer, commercial bank, trust company or other nominee or custodian, the Holder must contact them if they wish to tender their Notes.
The “Total Consideration” payable for each series of Notes will be a price per $1,000 principal amount of such series of Notes equal to an amount, calculated in accordance with the Offer to Purchase, that would reflect, as of the Early Settlement Date, a yield to the applicable par call date or maturity date (in accordance with market practice) of such series of Notes equal to the sum of (i) the Reference Yield for such series, determined at 10:00 a.m., New York City time, on the business day following the Early Tender Time, plus (ii) the fixed spread applicable to such series, as set forth in the table above, in each case minus accrued interest from, and including, the immediately preceding interest payment date up to, but excluding, the Early Settlement Date. The “Reference Yield” means the yield based on the bid-side price of the reference security listed in the table above for such series. The “Repurchase Yield” is equal to the Reference Yield plus the Fixed Spread. The applicable Total Consideration includes the applicable early tender premium set forth in the table above (the “Early Tender Premium”).
The “Tender Offer Consideration” payable for each series of Notes will be a price per $1,000 principal amount of such series of Notes equal to the applicable Total Consideration for that series of Notes minus the applicable Early Tender Premium.
In addition to the Total Consideration or the Tender Offer Consideration (as applicable), Holders whose Notes are accepted for purchase in the Offer will also be paid a cash amount equal to the accrued and unpaid interest on the Notes, from, and including, the immediately preceding interest payment date (a) up to, but excluding, the Early Settlement Date, payable on the Early Settlement Date or (b) up to, but excluding, the Final Settlement Date, payable on the Final Settlement Date, as applicable, rounded to the nearest cent per $1,000 principal amount of Notes (such cash amount, the “Accrued Interest”).
Notes accepted for purchase will be accepted in accordance with their Acceptance Priority Levels (with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level), subject to the limitation that Notes will only be purchased in an aggregate purchase price amount, including premium but excluding any Accrued Interest, not exceeding the Maximum Purchase Price.
Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time having a higher Acceptance Priority Level will be accepted before any tendered Notes having a lower Acceptance Priority Level are accepted, and all Notes validly tendered after the Early Tender Time having a higher Acceptance Priority Level will be accepted before any Notes tendered after the Early Tender Time having a lower Acceptance Priority Level are accepted, in each case subject to the Maximum Purchase Price. Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time will be accepted for purchase in priority to other Notes tendered after the Early Tender Time, even if such Notes tendered after the Early Tender Time have a higher Acceptance Priority Level than Notes tendered at or prior to the Early Tender Time. If the Offer is oversubscribed at the Early Tender Time, then SHC will announce promptly after the Early Tender Time that Notes tendered after the Early Tender Time will not be purchased pursuant to the Offer.
Subject to any increase or decrease to the Maximum Purchase Price, if on the Early Settlement Date or the Final Settlement Date there are sufficient remaining funds to purchase some, but not all, of the remaining tendered Notes in any Acceptance Priority Level without exceeding the Maximum Purchase Price, SHC will accept for payment such tendered Notes on a prorated basis, with the proration factor for such Acceptance Priority Level depending on the aggregate principal amount of Notes of such Acceptance Priority Level validly tendered and not validly withdrawn. Each tender of Notes that is prorated will be rounded down to the nearest $1,000 principal amount of Notes. Depending on the proration factor applied, if the principal amount of Notes returned to a Holder as a result of proration would result in less than the minimum denomination of $2,000 principal amount of Notes being returned to such Holder, SHC will accept or reject all of such Holder’s validly tendered Notes.
Furthermore, if Notes are validly tendered and not validly withdrawn prior to or at the Early Tender Time such that the aggregate purchase price amount, including premium but excluding any Accrued Interest, of such Notes, if purchased, would exceed the Maximum Purchase Price, Holders who validly tender Notes after the Early Tender Time will not have any of their Notes accepted for purchase regardless of the Acceptance Priority Level of such Notes unless SHC increases the Maximum Purchase Price. SHC reserves the right, in its sole discretion, to increase the Maximum Purchase Price, but there can be no assurance that it will do so.
Subject to applicable law and limitations described in the Offer to Purchase, SHC expressly reserves the right, in its sole discretion, to amend, extend or, upon failure of any condition described in the Offer to Purchase to be satisfied or waived, to terminate the Offer at any time at or prior to the Expiration Time.
SHC has retained Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC to act as the Dealer Managers in connection with the Offer (collectively, the “Dealer Managers”). Questions regarding terms and conditions of the Offer should be directed to Deutsche Bank Securities Inc. by calling toll free at (866) 627-0391 or collect at (212) 250-2955, or to J.P. Morgan Securities LLC by calling toll free at (866) 834-4666 or collect at (212) 834-3424.
D.F. King & Co., Inc. has been appointed as tender and information agent (the “Tender and Information Agent”) in connection with the Offer. Questions or requests for assistance in connection with the Offer or for additional copies of the Offer to Purchase, may be directed to D.F. King & Co., Inc. by calling toll free (800) 290-6424 or collect at (212) 269-5550 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer. The Offer to Purchase can be accessed at the following website: http://www.dfking.com/slb.
Neither this press release nor the Offer to Purchase, or the electronic transmission thereof, constitutes an offer to sell or buy Notes, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this press release in certain jurisdictions may be restricted by law. In those jurisdictions where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer and the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Offer shall be deemed to be made by the Dealer Managers or such affiliate (as the case may be) on behalf of SHC in such jurisdiction.
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “plan,” “potential,” “expectations,” “estimate,” “intend,” “anticipate,” “target,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements regarding the terms and timing for completion of the Offer, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Time and Settlement Date thereof, and the consideration of the Tender Offer. SLB and SHC cannot give any assurance that such statements will prove correct. These statements are subject to, among other things, the risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should SLB’s underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. The forward-looking statements speak only as of November 21, 2022, and SLB and SHC disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Moira Duff – Director of External Communication, SLB
Tel: +1 (713) 375-3407
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, SLB
Joy V. Domingo – Director of Investor Relations, SLB
Tel:+1 (713) 375-3535
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK & SYDNEY & MELBOURNE, Australia--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Spirit Super, an Australian industry super fund, today announced the signing of a definitive agreement to acquire 100% of Australia’s GeelongPort Pty Limited (“GeelongPort”). GeelongPort is Victoria’s second largest port located approximately 75 kilometers southwest of Melbourne within Victoria’s largest regional city, Geelong. Under the terms of the agreement, Stonepeak, on behalf of its managed funds and accounts, will hold a majority 70% interest in the entity and Spirit Super will have a 30% stake.
GeelongPort is a diversified landlord port and a major driver of Victoria’s economy, managing over A$7 billion of trade and supporting more than 1,800 jobs across the state. We believe the location of GeelongPort makes it of high strategic significance, as it provides easy access to logistics routes for trade through critical road, rail, air, and channel connections for Geelong and south-west Victoria’s supply chains.
Stonepeak and Spirit Super’s long-term investment horizon and strong focus on operations will, in our view, support GeelongPort in its continued efforts to grow and deepen relationships with key customers and business partners. For over 150 years, GeelongPort has played a fundamental role in the Victorian economy with operations underpinned by long-dated, blue-chip public and private contracts, including the Spirit of Tasmania operated by TT Line.
GeelongPort comprises 15 berths over two primary precincts, Corio Quay and Lascelles Wharf, providing land, infrastructure, and services to facilitate trade for some of Victoria’s largest businesses. GeelongPort handles close to 12 million tonnes of cargo and more than 600 vessel visits each year.
“As a high-quality landlord port with operations that are critical to Australia’s economy, GeelongPort is a natural fit for Stonepeak’s core infrastructure strategy,” said Darren Keogh, Senior Managing Director at Stonepeak. “It is a highly contracted entity with strong barriers to entry and stable and predictable demand drivers, which we believe are even more compelling when coupled with the port’s meaningful opportunities for long-term growth through additional development to meet future import-export demand in the region. We look forward to working closely with the GeelongPort team to help further their objectives and invest behind this integral component of the Victorian economy.”
“We are excited for what our investment will mean for the long-term growth of GeelongPort and pleased that members will now own a direct stake in one of Australia's largest regional infrastructure assets,” said Ross Barry, Chief Investment Officer at Spirit Super. “As the fund for hard working Australians, a key investment focus for the fund has been regional Australia, where we believe there is strong potential for long-term growth.”
The transaction is expected to close towards the end of the first quarter of 2023, subject to customary regulatory approvals.
The Consortium were advised by Gresham Partners acting as financial advisor, King & Wood Mallesons as legal advisor and Clayton Utz as tax advisor.
About Stonepeak
Stonepeak is a leading alternative investment firm specialising in infrastructure and real assets with approximately US$51.7 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London, and Sydney. For more information, please visit www.stonepeak.com.
About Spirit Super
Spirit Super was established in 2021 through the merger of Tasplan and MTAA Super. As an industry fund for hard working Australians, they are focused on growing membership in rural and regional Australia. Spirit Super has over 324,000 members and $25 billion in funds under management.
Stonepeak
Kate Beers
+1 (646) 540-5225
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Spirit Super
David Imber
+61 (0)413 274 204
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Citadel-MAGNUS
James Strong
+61 (0)448 881 174
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Jack Gordon
+61 (0)478 060 362
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SLB subsidiary commences offer to purchase up to $500,000,000 aggregate purchase price amount of outstanding 3.750% Senior Notes due 2024, 4.000% Senior Notes due 2025, 3.900% Senior Notes due 2028, and 4.300% Senior Notes due 2029
NEW YORK--(BUSINESS WIRE)--Regulatory News:
SLB (NYSE: SLB) today announced that Schlumberger Holdings Corporation, an indirect wholly-owned subsidiary of SLB (“SHC”), has commenced an offer to purchase for cash up to an aggregate purchase price amount, including premium but excluding any Accrued Interest (as defined below), of $500,000,000 (such amount, as it may be amended, the “Maximum Purchase Price”) of the notes listed in the table below (the “Notes”). The offer to purchase the Notes is referred to herein as the “Offer.” The Offer is made upon the terms and subject to the conditions set forth in the offer to purchase, dated November 21, 2022 (as may be amended or supplemented from time to time, the “Offer to Purchase”). Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.
Title of Security |
CUSIP Numbers |
Acceptance Priority Level(1) |
Principal Amount Outstanding |
Early Tender Premium(2) |
Reference Security |
Bloomberg Reference Page |
Fixed Spread (basis points)(3) |
3.750% Senior Notes due 2024 |
806851AJ0 (144A) / U8066LAG9 (Reg S) |
1 |
$750,000,000 |
$30 |
2.500% U.S. Treasury Notes due 04/30/2024 |
FIT 4 |
+20 |
4.000% Senior Notes due 2025 |
806851AG6 (144A) / U8066LAE4 (Reg S) |
2 |
$932,597,000 |
$30 |
4.500% U.S. Treasury Notes due 11/15/2025 |
FIT 1 |
+55 |
3.900% Senior Notes due 2028 |
806851AK7 (144A) / U8066LAH7 (Reg S) |
3 |
$1,500,000,000 |
$30 |
4.125% U.S. Treasury Notes due 10/31/2027 |
FIT 1 |
+110 |
4.300% Senior Notes due 2029 |
806851AH4 (144A) / U8066LAF1 (Reg S) |
4 |
$850,000,000 |
$30 |
4.125% U.S. Treasury Notes due 11/15/2032 |
FIT 1 |
+150 |
| ________________ | |
(1) |
SHC will accept Notes in accordance with their Acceptance Priority Level specified in the table above (each, an “Acceptance Priority Level,” with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level), subject to the terms and conditions described elsewhere in the Offer to Purchase, including the Maximum Purchase Price and proration. |
(2) |
For each $1,000 principal amount of Notes tendered and not validly withdrawn at or prior to the Early Tender Time (as defined below) and accepted for purchase. |
(3) |
The applicable Fixed Spread will be used to calculate the applicable Total Consideration (as defined below) payable for each series of Notes, which already includes the Early Tender Premium. |
All documentation relating to the Offer, including the Offer to Purchase, together with any updates, are available from the Tender and Information Agent (as defined below) and will also be available at the following website: http://www.dfking.com/slb.
Details of the Offer
The Offer will expire at 11:59 p.m., New York City time, on December 19, 2022 (unless the Offer is extended or terminated) (such date and time, as the same may be extended, the “Expiration Time”). To be eligible to receive the applicable Total Consideration, which includes the Early Tender Premium (as defined below), Holders must validly tender and not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on December 5, 2022 (unless the Offer is extended or terminated) (such date and time, as the same may be extended, the “Early Tender Time”). Holders who validly tender their Notes after the Early Tender Time and at or prior to the Expiration Time will be eligible to receive only the applicable Tender Offer Consideration, which is an amount equal to the applicable Total Consideration less the applicable Early Tender Premium.
The settlement date for the Notes validly tendered at or prior to the Early Tender Time and accepted for purchase will occur promptly following the Early Tender Time and is expected to be December 8, 2022 (the “Early Settlement Date”). The settlement date for the Notes validly tendered after the Early Tender Time and accepted for purchase will occur promptly following the Expiration Time and is expected to be December 21, 2022 (the “Final Settlement Date”). Holders who tender their Notes prior to the Early Tender Time may withdraw such Notes at any time prior to 5:00 p.m., New York City time, on December 5, 2022.
To be eligible to receive the applicable Tender Offer Consideration, Holders must validly tender and not validly withdraw their Notes at or prior to the Expiration Time. Holders who tender their Notes after the Early Tender Time and prior to the Expiration Time may not withdraw such Notes. The Offer is not conditioned on any minimum amount of Notes being tendered.
All of the Notes are held in book-entry form through the facilities of DTC. If you desire to tender Notes held through DTC, you must transfer such Notes to the Tender and Information Agent through DTC’s Automated Tender Offer Program, for which the transaction will be eligible, in accordance with the procedures set forth in the Offer to Purchase. There is no letter of transmittal for the Offer to Purchase. Any Holder who holds Notes through Clearstream Banking, société anonyme or Euroclear Bank SA/NV must comply with the applicable procedures of such clearing system. If a Holder holds Notes through a broker, dealer, commercial bank, trust company or other nominee or custodian, the Holder must contact them if they wish to tender their Notes.
The “Total Consideration” payable for each series of Notes will be a price per $1,000 principal amount of such series of Notes equal to an amount, calculated in accordance with the Offer to Purchase, that would reflect, as of the Early Settlement Date, a yield to the applicable par call date or maturity date (in accordance with market practice) of such series of Notes equal to the sum of (i) the Reference Yield for such series, determined at 10:00 a.m., New York City time, on the business day following the Early Tender Time, plus (ii) the fixed spread applicable to such series, as set forth in the table above, in each case minus accrued interest from, and including, the immediately preceding interest payment date up to, but excluding, the Early Settlement Date. The “Reference Yield” means the yield based on the bid-side price of the reference security listed in the table above for such series. The “Repurchase Yield” is equal to the Reference Yield plus the Fixed Spread. The applicable Total Consideration includes the applicable early tender premium set forth in the table above (the “Early Tender Premium”).
The “Tender Offer Consideration” payable for each series of Notes will be a price per $1,000 principal amount of such series of Notes equal to the applicable Total Consideration for that series of Notes minus the applicable Early Tender Premium.
In addition to the Total Consideration or the Tender Offer Consideration (as applicable), Holders whose Notes are accepted for purchase in the Offer will also be paid a cash amount equal to the accrued and unpaid interest on the Notes, from, and including, the immediately preceding interest payment date (a) up to, but excluding, the Early Settlement Date, payable on the Early Settlement Date or (b) up to, but excluding, the Final Settlement Date, payable on the Final Settlement Date, as applicable, rounded to the nearest cent per $1,000 principal amount of Notes (such cash amount, the “Accrued Interest”).
Notes accepted for purchase will be accepted in accordance with their Acceptance Priority Levels (with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level), subject to the limitation that Notes will only be purchased in an aggregate purchase price amount, including premium but excluding any Accrued Interest, not exceeding the Maximum Purchase Price.
Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time having a higher Acceptance Priority Level will be accepted before any tendered Notes having a lower Acceptance Priority Level are accepted, and all Notes validly tendered after the Early Tender Time having a higher Acceptance Priority Level will be accepted before any Notes tendered after the Early Tender Time having a lower Acceptance Priority Level are accepted, in each case subject to the Maximum Purchase Price. Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time will be accepted for purchase in priority to other Notes tendered after the Early Tender Time, even if such Notes tendered after the Early Tender Time have a higher Acceptance Priority Level than Notes tendered at or prior to the Early Tender Time. If the Offer is oversubscribed at the Early Tender Time, then SHC will announce promptly after the Early Tender Time that Notes tendered after the Early Tender Time will not be purchased pursuant to the Offer.
Subject to any increase or decrease to the Maximum Purchase Price, if on the Early Settlement Date or the Final Settlement Date there are sufficient remaining funds to purchase some, but not all, of the remaining tendered Notes in any Acceptance Priority Level without exceeding the Maximum Purchase Price, SHC will accept for payment such tendered Notes on a prorated basis, with the proration factor for such Acceptance Priority Level depending on the aggregate principal amount of Notes of such Acceptance Priority Level validly tendered and not validly withdrawn. Each tender of Notes that is prorated will be rounded down to the nearest $1,000 principal amount of Notes. Depending on the proration factor applied, if the principal amount of Notes returned to a Holder as a result of proration would result in less than the minimum denomination of $2,000 principal amount of Notes being returned to such Holder, SHC will accept or reject all of such Holder’s validly tendered Notes.
Furthermore, if Notes are validly tendered and not validly withdrawn prior to or at the Early Tender Time such that the aggregate purchase price amount, including premium but excluding any Accrued Interest, of such Notes, if purchased, would exceed the Maximum Purchase Price, Holders who validly tender Notes after the Early Tender Time will not have any of their Notes accepted for purchase regardless of the Acceptance Priority Level of such Notes unless SHC increases the Maximum Purchase Price. SHC reserves the right, in its sole discretion, to increase the Maximum Purchase Price, but there can be no assurance that it will do so.
Subject to applicable law and limitations described in the Offer to Purchase, SHC expressly reserves the right, in its sole discretion, to amend, extend or, upon failure of any condition described in the Offer to Purchase to be satisfied or waived, to terminate the Offer at any time at or prior to the Expiration Time.
SHC has retained Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC to act as the Dealer Managers in connection with the Offer (collectively, the “Dealer Managers”). Questions regarding terms and conditions of the Offer should be directed to Deutsche Bank Securities Inc. by calling toll free at (866) 627-0391 or collect at (212) 250-2955, or to J.P. Morgan Securities LLC by calling toll free at (866) 834-4666 or collect at (212) 834-3424.
D.F. King & Co., Inc. has been appointed as tender and information agent (the “Tender and Information Agent”) in connection with the Offer. Questions or requests for assistance in connection with the Offer or for additional copies of the Offer to Purchase, may be directed to D.F. King & Co., Inc. by calling toll free (800) 290-6424 or collect at (212) 269-5550 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offer. The Offer to Purchase can be accessed at the following website: http://www.dfking.com/slb.
Neither this press release nor the Offer to Purchase, or the electronic transmission thereof, constitutes an offer to sell or buy Notes, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this press release in certain jurisdictions may be restricted by law. In those jurisdictions where the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer and the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Offer shall be deemed to be made by the Dealer Managers or such affiliate (as the case may be) on behalf of SHC in such jurisdiction.
About SLB
SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “plan,” “potential,” “expectations,” “estimate,” “intend,” “anticipate,” “target,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements regarding the terms and timing for completion of the Offer, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Time and Settlement Date thereof, and the consideration of the Tender Offer. SLB and SHC cannot give any assurance that such statements will prove correct. These statements are subject to, among other things, the risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should SLB’s underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in the forward-looking statements. The forward-looking statements speak only as of November 21, 2022, and SLB and SHC disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Moira Duff – Director of External Communication, SLB
Tel: +1 (713) 375-3407
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, SLB
Joy V. Domingo – Director of Investor Relations, SLB
Tel:+1 (713) 375-3535
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TORONTO & SUDBURY, Ontario--(BUSINESS WIRE)--The United Steelworkers union welcomes the news of the new deal by Vale Canada to supply battery-grade nickel sulfate to General Motors (GM) to manufacture electric vehicles.
The nickel that Vale will be providing GM will be mined in Canada, from Vale operations in Sudbury, Ont., Voisey’s Bay, N.L. and Thompson, Man., with Steelworkers members. The nickel may then be sent to a plant in Becancour, Que.
“Steelworkers are vital members of the communities we live in. As a union, we strive to support and give back to our communities and this is made possible when our jobs are supported,” said Nick Larochelle, USW Local 6500 President.
USW represents almost 5,000 Canadian members that are employed by Vale. In Sudbury, USW Local 6500’s 2,700 members primarily mine, mill and smelt nickel, but also mine copper, cobalt, precious metals, gold and silver.
This contract calls for nickel supply for up to 350,000 electric vehicles a year could certainly mean a direct increase in Vale productions across Canada. Indirectly, workers, their families and their communities will also see an added benefit when healthy, union jobs are around.
“I am thrilled this contract between Vale and General Motors supports and protects good local union jobs as well as creating new jobs at the same time. I am confident that our members are up to the challenge and will deliver,” said Myles Sullivan, District 6 Director (Ontario and Atlantic Canada).
The new deal also supports a green shift needed to reduce greenhouse gasses and pollution. The USW has been a vocal advocate in mitigating a further climate crisis through Just Transition, while at the same time ensuring that workers are not left behind and sustainable work also means good-paying, family-sustaining unions jobs.
The United Steelworkers union represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America with 850,000 members in Canada, the United States and the Caribbean.
Each year, thousands of workers choose to join the USW because of its strong track record in creating healthier, safer and more respectful workplaces and negotiating better working conditions and fairer compensation – including good wages, benefits and pensions.
For more information, please contact:
Myles Sullivan, USW District 6 Director, 416-243-8792;
Nick Larochelle, USW Local 6500 President, 705-675-3381
Shannon Devine, USW Communications, (cell) 416-938-44027
Energetic Insurance and Rabobank work to expand Redaptive's diverse customer base with credit insurance to support $50 mln credit facility
NEW YORK--(BUSINESS WIRE)--Redaptive, a San Francisco-based Energy-as-a-Service provider of energy-saving and energy-generating equipment, has announced the start of a three-company partnership designed to enhance its capability to promote a 1,000+-site portfolio of energy efficiency projects and support future pipeline development.
The innovative credit insurance structure, a first in the market, enables Redaptive to secure competitive financing from Rabobank, the leading global food and agribusiness bank and leader in energy transition and renewable energy structuring. The transaction benefits from EneRate Credit Cover® available exclusively through Energetic Insurance, which issues credit insurance policies as a Managing General Underwriter (MGU) on behalf of an AA-/Aa3 rated global insurer.
The $50 mln Rabobank credit facility finances Redaptive’s continuing effort to align its energy efficiency upgrades with growing demand from commercial and industrial (C&I) customers to reduce energy consumption. Energetic’s credit insurance product will enable the facility to include a more diverse portfolio of credit counterparties and provide enhanced optionality for term financing. Growing corporate demand for energy efficiency prompted Rabobank and Redaptive to seek credit enhancement from Energetic to allow the build-out of Redaptive’s customer base to be included under the financing.
“We are seeing an increased demand for solutions around energy efficiency. As more corporations implement ESG goals and make them a focus of both long- and short-term growth strategies, it is essential that those solutions are made available,” said Matt Gembrin, CFO of Redaptive. “By working with an innovative lender in Rabobank, and benefiting from Energetic’s unique credit insurance platform, we are able to expand the potential pool of end customers to include a more full representation of the credit sector.”
Credit profiles are a key barrier to financing C&I energy efficiency projects and the coverage offered by Energetic allows an overall lower cost of capital for Redaptive, at the same time increasing portfolio diversification. The credit insurance allows an increased percentage of non-investment grade counterparties to be included in the portfolio.
“One of the biggest barriers to achieving scale in the energy efficiency sector is the structuring challenge posed by unrated and sub-investment credit risks. Energetic Insurance helped us manage diverse credit risks and has allowed us to increase the size of the Redaptive funding at competitive terms and offer refinancing optionality,” said Claus Hertel, Managing Director, Project Finance Americas at Rabobank.
“We are thrilled to partner with Redaptive and Rabobank to demonstrate the benefits of the EneRate Credit Cover policy, now in the energy efficiency sector. No individual or company should be locked out of the market or left unable to move forward on climate solutions due to a lack of financing,” said James Bowen, CEO of Energetic Insurance. “The momentum most recently created from the Inflation Reduction Act (IRA) will increase project demand from corporates and non-profits and many will require credit enhancement to obtain financing.”
NOTE: This Press Release does not constitute and is not intended by Energetic Insurance or any of the entities mentioned in this release to constitute a solicitation for any insurance business.
About Redaptive (www.redaptive.com)
Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive’s programs help many of the world’s most sophisticated organizations reduce energy waste, save money, lower their carbon emissions and meet their sustainability goals across their entire real estate portfolios. With Redaptive, customers can overcome capital and contractual barriers to achieve energy-saving benefits quickly, all with real-time data powered by International Electron, Redaptive’s in-house Data-as-a-Service metering platform. Redaptive was founded in 2013 and is headquartered in San Francisco, CA. For more, visit https://redaptiveinc.com/.
About Rabobank (www.rabobank.com)
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $765 billion in assets. In the Americas, Rabobank is a premier bank to the food and agriculture industry, as well as a leading project financier of solar, wind, bioenergy, and energy infrastructure projects, providing in-depth knowledge and expertise as well as full arranging, underwriting and syndication capabilities. Rabobank has financed more than 6GW of renewable energy projects to date and is dedicated to supporting the financing of the energy transition and new clean technologies. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn.
About Energetic Insurance (www.energeticinsurance.com)
Energetic Insurance is a Managing General Underwriter that has developed new risk management products to unlock exponential growth in the renewable energy industry. EneRate Credit Cover® policies unlock renewable and energy efficiency project financing for unrated and below investment grade counter parties by covering counterparty credit risk. EneRate Credit Cover® was selected by Insurance Insider Magazine as the “New Underwriting Product of the Year” for 2020. Headquartered in Boston, Energetic Insurance was awarded a SunShot Prize from the US Department of Energy in 2017 and has received a total of $12.5 million in venture capital financing to date. EneRate Credit Cover® and other insurance policies are issued by RE3 Energetic Insurance Solutions, LLC, or SiKey Insurance Services, LLC in New York, wholly-owned subsidiaries of Energetic Insurance, Inc. Energetic Insurance complies with all state-mandated regulations for surplus line insurance brokers and is licensed as a surplus lines broker in Massachusetts with License #: 2053916.
Energetic Insurance:
Kathryn Meng-Elmes - (516) 606-8330
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Redaptive:
Liane Dietrich - 347 978 4452
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Rabobank:
Catharine Rossano – 917-747-9302
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Currents’ platform will help meet the growing demand for end-of-life electric vehicle batteries and improve supply chains
INDIANAPOLIS--(BUSINESS WIRE)--HG Ventures, the corporate venture arm of The Heritage Group, announced today the addition of Currents, a second-life battery marketplace platform, to its growing portfolio.
Currents, a business-to-business marketplace designed for stakeholders throughout the end-of-life electric vehicle (EV) lithium-ion battery supply chain, is a facilitation platform that extends the lives of retired EV batteries, paving the way for a sustainable, renewable future powered by second-life batteries. The platform drives value for buyers by solving pain points around sourcing, while enabling suppliers to scale their operations to the largest available demand pool, fulfilling a real gap in the industry.
“Demand for EV batteries has never been higher, but we’re seeing critical materials and EV batteries being dispersed throughout the US at scrap yards with no sustainable solution to properly discard them,” said Nick Arnold, Senior Associate at HG Ventures. “Currents is building a circular marketplace solution to give end-of-life batteries the option to be repurposed into energy storage or recycled. We’re excited to add them to our growing roster of emerging technology companies solving real-world problems.”
The closed-loop model effectively extends the life of valuable battery assets and reduces greenhouse gas emissions created by production. For every one ton of lithium mined, 15 tons of carbon dioxide are emitted. Last year, 11.4 million EV batteries or 100,000 tons of lithium were produced, yet less than 5% of lithium-ion batteries are properly recycled.
Currents provides the channel and solution for the end-of-life lithium supply chain challenged from the growing demand for EV batteries. In the first quarter of 2022, EV sales grew by 60% and demand for EV batteries continues to rise. The rise in demand, coupled with other macroeconomic factors, has caused material prices, including lithium, to skyrocket over the last couple of years. Maximizing the effective life of every battery is of the utmost importance to strengthen our energy independence, unlock the value of renewables, and bolster domestic supply chains.
“We’re creating a platform that facilitates and optimizes the end-of-life lithium supply chain to ensure that every battery is handled responsibly while maximizing their lifecycle value,” said Anthony Garbarino, CEO of Currents. “Sustainability, resource and energy independence, and modernizing supply chains are at the forefront of our business model, and we’re excited to launch our platform and drive innovation for stakeholders throughout the value chain. We’re glad HG Ventures recognized this gap in the industry and we’re excited to partner with them to bring our product to market.”
With its partnership with HG Ventures, Currents will be able to leverage The Heritage Group’s network and expertise in the battery industry. HG Ventures is committed to supporting the continued innovation in sustainable battery solutions.
HG Ventures
HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. We leverage the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners. www.hgventures.com.
Currents
Currents is a B2B facilitation marketplace designed for retired electric vehicle lithium-ion batteries tailor-made for auto OEMs, second life (2L) integrators, and auto recyclers with a mission of enabling the closed loop economic model for all stakeholders. Currents is the safe, trusted sales channel that will provide the platform needed to build a sustainable, renewable future powered by second life batteries.
Media
Regan Keller
Vice President of Cleantech
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Presented by S&P Global Commodity Insights, the awards recognized Convergent’s Solar-Plus-Storage System providing a Non-Wires Alternative for National Grid in the “Infrastructure Project of the Year” category
NEW YORK--(BUSINESS WIRE)--Convergent Energy and Power (Convergent), a leading provider of energy storage solutions in North America, today announced that it has been named a finalist for the 24th Annual Platts Global Energy Awards in the “Infrastructure Project of the Year” category.
Often described by S&P Global Commodity Insights as "the Oscars of the energy industry," the Platts Global Energy Awards recognize corporate and individual innovation, leadership, and exemplary performance in 19 categories spanning the entire energy and chemicals complex. This year’s awards finalists represent 26 countries from Europe, Asia, and the Americas.
Convergent was named a finalist in the “Infrastructure Project of the Year” category for its solution with National Grid, which is one of the first solar-plus-storage systems providing a non-wires-alternative (NWA). The system, designed, constructed, and operated by Convergent, will deliver more cost-effective, reliable, and sustainable electricity to National Grid customers in Cicero, New York, while leveraging solar energy during nonpeak periods.
Because the system is DC coupled, meaning that two disparate systems are paired such that they share a single connection point to the grid, energy can be captured that would otherwise have been lost in an alternative solution, thereby increasing the utilization of emission-free energy. In addition to providing more sustainable, cost effective and reliable energy to National Grid and its customers, Convergent’s NWA defers the need to construct or upgrade components of pre-existing infrastructure, such as distribution or transmission systems.
“It is an honor to be recognized by S&P Global for our efforts, together with our partners at National Grid, to modernize energy infrastructure and bring sustainable and cost-effective power to communities in New York State,” said Johannes Rittershausen, Convergent’s Chief Executive Officer. “Energy storage is the linchpin of the clean energy transition, 'firming' renewable generation so it is available when it is needed most. Convergent is committed to accelerating the clean energy transition through AI-powered energy storage; we believe this system will serve as a model for the broader energy storage sector.”
“The NWA Pine Grove installation in Cicero, N.Y. aligns with our Clean Energy Vision and is a glimpse into the future of electricity delivery,” said Brian Gemmell, National Grid New York’s Chief Operating Office for Electric. “This solution increases the amount of renewable energy on the grid while deploying storage solutions to support our infrastructure at times of peak usage. Convergent Energy and Power’s innovation adds reliability and resiliency to our grid that directly benefits our customers. We are proud of our work with Convergent and honored to be recognized for it.”
"In a year of unexpected challenges, from Europe's energy crisis to trade-flow changes and banner market volatility, it's particularly inspiring to see the innovation and leadership of this year's finalists in steering a course toward a better energy future," said Sue Avinir, Senior Vice President of Conferences & Advisory Solutions, S&P Global Commodity Insights. "We're proud to honor this year's finalists and celebrate their efforts."
The winners of the Platts Global Energy Awards will be selected by an independent panel of judges. Winners will be announced on December 8th at an awards ceremony and gala in New York City.
About Convergent Energy and Power
Convergent Energy and Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. Convergent has over $500M invested in or committed to projects in operation or under development across North America. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.
Convergent Press Contact
Kate Siskel
SVP, Marketing and Communications
Convergent Energy and Power
ksiskel [at] convergentep.com
917-508-0274
The business unveiled the Renegade VOLT ™ 200i and more than a dozen other new products during its first-ever SparkWeek virtual event
NORTH BETHESDA, Md.--(BUSINESS WIRE)--$ESAB #ESABCorporation--Today ESAB, part of ESAB Corporation (NYSE: ESAB), and a world leader in welding and cutting equipment and consumables, unveiled the industry-changing Renegade VOLT™ ES 200i Stick/TIG battery-powered welding system as it closed out SparkWeek, the brand’s week-long, virtual launch event highlighting new welding and fabrication products, automation and robotics solutions, and industry-shaping PPE.
Developed in conjunction with Stanley Black & Decker and powered by four DEWALT® FLEXVOLT® 12 Ah (amp-hour) batteries, the Renegade VOLT marks a crossroads for the welding industry, as ESAB establishes a new product category. For the first-time welders have a battery-powered welding machine which operates on interchangeable, rechargeable power tool batteries. The VOLT is a highly portable option for off-the-grid welding across key industries like maintenance and repair, construction, shipyard, rail, power generation, offshore and farm/agriculture. The product will be available for purchase in Q1 2023.
"ESAB has continuously brought new ideas to the market since the invention of the first coated welding electrode more than a century ago. With the Renegade VOLT, we have taken the idea of portability and supercharged it,” said Olivier Biebuyck, President, EMEA and Global Products, ESAB Corporation. “Up until now, welding jobs have only gone as far as the equipment could reach. Welders were stuck lugging around heavy leads, tripping over cables, and wondering what kind of power would be at the job site. Sometimes welders even spent more time on job set up and breakdown than welding. Today, ESAB eliminated those constraints and ushered in a new age. This is the age of true welding freedom. No cords and heavy leads, no time-consuming setup, no engines, or fuel."
The VOLT launch capped off a string of new and re-imagined solutions from ESAB which were unveiled during SparkWeek. The company made more than 15 announcements between Monday, November 14 and Friday, November 18 via dynamic, live video premieres at ESAB.com/SparkWeek. The event page now features information about these new products and partnerships, including key specifications and availability information:
ESAB products are available globally for purchase through select distributors and retail locations. Visit ESAB.com to find a local distributor and learn more about the product portfolio.
About ESAB
ESAB is a world leader in fabrication technology. For more than 100 years ESAB has transformed industries built by fabricators, providing complete workflow solutions through our diverse portfolio of products from more than 40 of the most trusted brands in welding and cutting in the world. From industrial demands to repair and maintenance, innovators that shape the world, rely on ESAB’s portfolio. To learn more, visit ESAB.com.
About ESAB Corporation
ESAB Corporation (NYSE: ESAB) is a world leader in fabrication and gas control technology, providing our partners with advanced equipment, consumables, gas control equipment, robotics, and digital solutions which enable the everyday and extraordinary work that shapes our world. To learn more, visit ESABcorporation.com.
Media Contact for ESAB
Tilea Coleman
Vice President, Corporate Communications
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-301-323-9092
—Reliant’s $25,000 donation funds new program, inspiring wildlife conservation among youth in Texas—
CORPUS CHRISTI, Texas--(BUSINESS WIRE)--#Energy--Reliant and the Texas State Aquarium (TSA) are coming together to expand coastal wildlife rescue and education efforts across the Lone Star State. With a $25,000 donation from Reliant, TSA will provide an interactive learning platform to children in underserved communities in Dallas, Houston, the Rio Grande Valley, and more areas where residents are unable to visit the Aquarium and the new Port of Corpus Christi Center for Wildlife Rescue.
“As longtime supporters of the beloved Texas State Aquarium, we’re excited to provide resources for them to expand their educational program in a fun and unique way that reaches even more Texans,” said Elizabeth Killinger, president of Reliant. “Reliant has a deep commitment to the Lone Star State, and in partnering with the Aquarium, we hope to inspire the next generation to appreciate and protect our coastal wildlife.”
TSA recently converted a retired ambulance donated by the Corpus Christi Fire Department into its Wildlife Rescue vehicle. Its primary purpose is to respond to wildlife emergencies and transport injured, ill, or stranded marine animals. However, when not being used for this purpose, it will serve as the main attraction of the Aquarium’s new educational program, Wildlife Rescue on the Road. The program’s goal is to visit schools and nonprofits, such as the YMCA and Boys & Girls Clubs in underserved communities across Texas.
Last week, the Aquarium launched their brand-new educational program, Wildlife Rescue on the Road, with 6th graders from the Flour Bluff Independent School District and will continue to expand its reach in upcoming months. Participants were able to tour the vehicle and study how it responds to wildlife emergencies, such as stranded marine mammals, cold-stunned sea turtle events, injured shorebirds and more. This first-hand learning experience highlights the Aquarium’s Wildlife Rescue mission, advocating for wildlife conservation and minimizing human impact on the coastal environment.
“We are grateful to Reliant for helping us launch this traveling program, giving us the ability to bring Texas’ coastal wildlife to communities here in Corpus Christi and around the state,” said Jesse Gilbert, Texas State Aquarium President and Chief Executive Officer. “Many children living in our state have never visited the Texas coast, and we are excited to bring this creative initiative to them.”
The educational program, Wildlife Rescue on the Road, will begin its robust statewide tour starting with Houston in January of 2023. To learn more about this initiative, visit texasstateaquarium.org/educate/offsite.
About Reliant
Reliant powers, protects and simplifies life by bringing electricity, security and related services to homes and businesses across Texas. Serving customers and the community is at the core of what we do, and the company is recognized nationally for outstanding customer experience. Reliant is part of NRG, a Fortune 500 company that creates value by generating electricity and providing energy solutions to nearly 6 million residential, small business and commercial customers across the U.S. and Canada. NRG’s competitive residential electricity business, which includes Reliant, is one of the largest in the country. For more information about Reliant, visit reliant.com and connect with Reliant on Facebook at facebook.com/reliantenergy and Twitter or Instagram @reliantenergy. PUCT Certificate #10007.
About The Texas State Aquarium
The Texas State Aquarium (TSA), the Official Aquarium of the State of Texas, is a private, not-for-profit 501(c)(3) institution that is fully accredited by the Association of Zoos and Aquariums and the World Association of Zoos and Aquariums. Its mission is to engage people with animals, inspire appreciation for our seas and support wildlife conservation. TSA, the largest Aquarium in Texas, cares for over 4,000 animals and has been named the #5 Aquarium in North America by USA Today. Learn more at texasstateaquarium.org.
Megan Talley, Reliant
713-537-2160
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Jennifer Vela, Texas State Aquarium
361-653-2655
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.047500 per unit, payable on December 13, 2022 to unitholders of record on November 30, 2022. The net profits interest calculation represents reported oil production for the month of August 2022 and reported natural gas production during July 2022. The calculation includes accrued costs incurred in September 2022.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
||
Current Month |
|
42,594 |
|
1,374 |
|
144,367 |
|
4,657 |
|
$ |
97.06 |
|
$ |
7.05 |
Prior Month |
|
43,632 |
|
1,407 |
|
237,538 |
|
7,918 |
|
$ |
106.32 |
|
$ |
7.56 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $4.1 million for the current month on realized wellhead prices of $97.06/Bbl, down $0.5 million from the prior month’s oil cash receipts.
Recorded natural gas cash receipts from the Underlying Properties totaled $1.0 million for the current month on realized wellhead prices of $7.05/Mcf, down $0.8 million from the prior month. The decline in receipts reflected a prior period accounting adjustment by one of the operators of the Underlying Properties that was accounted for in the current month’s natural gas revenues.
Total accrued operating expenses for the period were consistent with the prior period at $2.8 million. Capital expenditures decreased $0.9 million from the prior period to $0.4 million.
As previously disclosed, COERT Holdings 1 LLC (the “Sponsor”) has established a $1.1 million cash reserve for approved, future development expenses in 2022. Given the approaching year-end and the Sponsor’s continuing reevaluation of the expected timing for capital expenditures on the Underlying Properties, the Sponsor is releasing $0.1 million from the reserve to partially fund the current month’s capital expenditures. The remaining reserve of $1.0 million will be held to fund incremental future development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expectations regarding the cash reserve for future development expenses and expectations regarding current and future capital expenditures and development activities on the Underlying Properties. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2021 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2022. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell, 1 (512) 236-6555
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